3 Keys to Building Wealth in your Business

One of the things that give you an excellent quality of life is freedom. I define “freedom” as the ability to make choices.

They say that money won’t buy you happiness. It won’t buy you, love. It won’t buy you a lot of things. What it does buy you are CHOICES. If you want choices, you need financial freedom.

It’s a sad fact in our country that very few people have this type of freedom. Most people are living paycheck to paycheck with little to no savings. They don’t even have a rainy-day fund. If you drive through the affluent parts of any town, you will find that most of those people are people that own their own businesses. Why? Because when you’re in business for yourself, you have the power to make your own wealth.

3 keys to Building Wealth as a Business Owner

As a business owner, you have more options and opportunities for building wealth than the average employee. Here are the 3 keys to doing that:

1. Get Leverage

Leverage is any tool that allows you to do more with your time than you otherwise could. You can get leverage by hiring a personal assistant, buying tools or equipment, or implementing technology. One of the best places to get leverage is through building your team. In my company, we have about 100 people working here. I make a little bit off each person, just like McDonald's makes a little bit off every hamburger.

2. Maintain Order

Order is about managing yourself and managing your time. You need to keep your world in an orderly manner. Otherwise, you're just in chaos, and you're bouncing off walls all the time, you don't know where you're going. Tools for order include things like your CRM, your calendar, and your task list.

These things take the chaos out of your day. Putting information into systems like these is a little like putting money in the bank. You know the information is safe and you can access it any time you need it.

This frees your mind to think about more important things. Like how to apply leverage. That’s how you move up the wealth ladder.

3. Let go of control

One of the biggest mistakes business owners make is being micro-managers. They think they can do everything better than anybody else can – and that might even be true. But this desire for perfection and control keeps the owner stuck in the weeds. Then they spend all their time working IN the business instead of ON the company.

You cannot build wealth by yourself.

If you want the leverage of having a team, you need to let go of trying to control everything. (If you struggle with this, my e-book can help! You can get it here: The Serenity Method

Building Wealth through your Business is Simple, but not Necessarily Easy

Tiger Woods makes playing golf look simple. What you don’t see is what goes on behind the scenes. Pro athletes practice every day, and they work with a coach to continually improve their skills. Even Tiger Woods - one of the greatest golfers of all time - goes to the practice tee every day. He takes the same swings. Over and over again.

That's how you build muscle memory, brain memory, and habits. Becoming a wealthy and successful business owner is no different. If you want to get good at it, you need to work on it consistently.

The fastest and most effective way to do this is to work with a coach. If you’re ready to get serious about building wealth in your business, I’m here to serve. I invite you to book a free consultation to see if we’re a fit for coaching.